CH11 – March Corn (Last:600.00)

The distinctive b-c pullback on Wheat’s hourly chart suggests that the 607.25 Hidden Pivot target of the pattern shown will be worth shorting. Let’s try it with a single contract and a three-tick stop-loss. You’ll be on your own if the order fills, but you should lower the stop to make the trade risk-free if the futures pull back from the target by more than 2.5 cents. ______ UPDATE: We’ll back off the trade, since the rally looks powerful enough to heat-seek the 617 high recorded on November 9.